Guilderland IDA gives YMCA three more years to pay

He said the Guilderland YMCA was able to reap a number of benefits by receiving funding through the agency.

"If you go through the IDA, you get an exemption on all materials used in construction," he said.

The YMCA used $2 million worth of materials when constructing the Guilderland facility and saved $160,000 in taxes. The facility was also exempt from the mortgage recording tax, for a savings of $39,000, and it saved an additional $26,000 due to the fact that transactions done through IDAs are tax exempt.

"We are starting to add up to real money here," said Csaposs.

Csaposs said that legislation was proposed that would extend the provision to allow IDAs to fund civic facilities but it was delayed due to the Senate coup in June.

Currently, there is legislation in both houses of the legislature (Assembly Bill 5700a and Senate Bill 2898a) that would extend the provision; however, the bills are awaiting consideration in the Local Governments Committee of each house.


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